(Cyber)Bully for You: DBS is now offering an insurance policy against online harassment

Singapore-headquartered bank DBS Hong Kong yesterday launched a novel insurance policy to protect local customers from one of the most toxic and debilitating entities in the world: the internet.

The new CyberOne “microinsurance” policy, which costs HK$1 per day, is meant to insure policyholders against “cyberbullying and cybercrimes, like identity theft, hacking, cyberstalking and harassment,” according to an announcement from DBS.

“The more people, especially young people, connect, communicate and consume digitally, the more opportunities there are for cybercrimes to proliferate,” Terry Li, DBS Hong Kong’s head of bancassurance, was quoted as saying in the announcement.

“Knowing how to protect against cyber threats is the first line of defence, and we believe CyberOne can equip those who are vulnerable with the means to protect themselves for a more safe and smart online experience.”

To make a claim, policyholders must first report the cyberbullying or identity theft to Hong Kong police. Then, depending on the incident, DBS will provide financial support for counseling, legal action, and cyber security services. The policy also allows for reimbursement of lost income in the event cyberbullying or identity theft leads to wrongful termination.

Still, the policy — which can also be purchased for families — raises questions as to how exactly one insures against cyberbullying, which, like death and taxes, is all but inevitable given the pervasively nasty nature of many corners of the internet.

DBS defines cyberbullying as “any act of harassment or intimidation, including defamation of character, invasion of privacy, or threats of violence, first committed against you online via an electronic device.”

However, representatives of DBS Hong Kong — and its underwriter for the scheme, Chubb Insurance Hong Kong — could not be reached today for comment as to what the threshold for a successful claim will be.